HBO and The Ringer's Bill Simmons hosts the most downloaded sports podcast of all time, with a rotating crew of celebrities, athletes, and media staples, as well as mainstays like Cousin Sal, Joe House, and a slew of other friends and family members who always happen to be suspiciously available.
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In this episode of The Kevin Cho Show, I sit down with Benjamin Huang to dive into his journey in business acquisitions, focusing specifically on his experience with a laundromat. We discuss the creative financing strategies he used to acquire the business, the operational changes he implemented to boost revenue, and the importance of building strong relationships with sellers. Benjamin also shares insights into the laundromat's financial performance, the challenges he's faced, and his plans for scaling the business and creating a positive community impact.Takeaways:
- Real experiences are the best way to learn business acquisitions.
- Building rapport with sellers is key to successful acquisitions.
- Creative financing can greatly reduce acquisition costs.
- Understanding a business’s operations is essential for its success.
- Revenue growth can be driven by strategic marketing and operational efficiency.
- Long-term leases are crucial for a stable business, like a laundromat.
- A solid business plan is essential before taking on any acquisition.
- Scaling often requires hiring the right team and delegating tasks.
- Community impact is an important part of business operations.
- Education and mentorship empower the next generation of entrepreneurs.
37 episodes